What is adverse credit?

If you’ve missed payments, or made late or partial repayments on a loan, mortgage, credit card or other borrowing in the past 6 years, these will appear on your credit history. Even missed or late mobile phone bill payments can affect your credit history negatively.

If you have adverse credit, it’s true that some lenders may see you as more of a risk to lend to. As a result, you may find it more difficult, or more expensive to borrow.

Find adverse credit loans with Ocean

We can help you find homeowner loans and personal loans, specifically designed to help people with adverse credit. Even if you have a CCJ or arrears, you may still be eligible for a loan.

What’s a homeowner loan?

With a homeowner loan, sometimes called a secured loan, you could borrow £10,000 to £250,000 for almost any purpose, over 3 to 30 years. A homeowner loan is secured against your property, so you have to own your home to be eligible. If you’ve an adverse credit history, you may be more likely to be accepted for this type of loan, compared to a personal loan. That’s because your home acts as extra security for the lenders.

Remember, homeowner loans are secured against your property, so if you’re unable to keep up with your repayments, your home could be at risk.

We arrange secured loans from a panel of lenders. We will receive a commission from the lender upon completion. A fee of 12.5% of the net loan amount, capped at £2975, is payable upon completion. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

What’s a personal loan?

A personal loan is also known as an unsecured loan, and is not secured against your home. This means you don’t have to be a homeowner to be eligible. You could borrow £100 to £5,000 for almost any purpose, over 3 to 36 months.

Unsecured loans: 68.7% APR Representative. Ocean, a trading style of Intelligent Lending limited. We are a broker, not a lender. To find you a loan, we work with a preferred lender panel as well as panels operated by other brokers. We will search the lenders in order of who offers the best representative APR, first from our preferred panel and then from the panels of other brokers.

Rebuilding your credit history

You should only take out a loan if you’re confident you can meet the repayments. But, if you’re in a good financial situation now, an Ocean adverse credit loan could help you rebuild your credit rating. If you meet your repayments on time each month, you’ll be showing lenders that you can manage your money responsibly. This should be reflected in your credit rating.

Read our guide to rebuilding your credit history for more information and handy tips.

Try our loan calculator to see what your payments could be

The amount we show you is just an estimate. To get a personalised quote, we’ll ask for a few more details.

Sorry but we don't offer loans of more than £250,000

Estimated monthly payments:

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Representative Example If you borrow £29,515 over 10 years at an annual interest rate of 6.5% (variable) you would make 120 payments of £329.03 per month. The total amount of credit will be £28,985. The total amount repayable will be £39,483.60 (this includes an average Lender fee of £495 & Broker fee of £2,975). The overall cost for comparison is 9.9% APRC Representative. Subject to status, the actual rate will depend on your circumstances.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Representative Example: If you borrow £500 over 12 months at an annual interest rate of 53.58% (fixed), Representative 68.7% APR, you would pay £58.74 per month. The total amount repayable will be £704.88

Sorry, we don't offer loans for

We offer Ocean Personal Loans from £100 to £5,000 and Ocean Homeowner Loans from £10,000 to £250,000

Sorry we can't help with this loan amount / term

Ocean Personal Loans (£100 - £5,000) are available between 3-36 months only

Ocean Homeowner Loans (£10,000 - £250,000) are available between 3-30 years only